Scooter insurance is a crucial policy that provides financial protection against various risks related to your scooter. Whether you face an accident, theft, or damage due to natural disasters, scooter insurance ensures that you are not burdened with the repair or replacement costs. According to the Motor Vehicles Act, 1988, having insurance for your scooter is mandatory in India to ensure that you’re covered against potential liabilities.
Scooter insurance plans in India come in two primary types:
Third-Party Scooter Insurance
Third-party scooter insurance is the basic coverage mandated by law. It protects you from financial liabilities if your scooter causes injury or damage to a third party. However, it does not cover damages to your own scooter. This type of insurance is more affordable and the premiums are set by the Insurance Regulatory and Development Authority of India (IRDAI).
Comprehensive Scooter Insurance
Comprehensive scooter insurance offers broader coverage compared to third-party insurance. It includes protection against third-party liabilities as well as damages to your own scooter due to accidents, theft, fire, or natural calamities. This type of policy also allows you to enhance your coverage with optional add-ons.
Own Damage (OD) Insurance
Own Damage (OD) insurance is a specific type of coverage included in comprehensive scooter insurance. It covers the costs associated with repairing or replacing your scooter if it is damaged in an accident, fire, or theft. OD insurance is essential for providing financial protection for your own scooter, as it is not covered under third-party insurance.
Here are some important features of scooter insurance policies in India:
Mandatory Third-Party Coverage: Legally required and provides basic protection against third-party liabilities.
Comprehensive Coverage: Offers extensive protection including own damage coverage.
Long-Term Plans: Available for continuous coverage without annual renewals.
Add-Ons: Comprehensive plans allow additional coverage options for enhanced protection.
The cost of scooter insurance depends on various factors:
Type of Policy: Third-party insurance is cheaper compared to comprehensive plans. Comprehensive plans include both third-party and own damage coverage, making them more expensive.
Engine Capacity: Higher engine capacity scooters attract higher premiums.
Scooter Value: The value of your scooter affects the premium; more expensive scooters generally have higher premiums.
Tenure: A longer policy tenure, such as a five-year plan, usually costs more upfront but may offer discounts.
Registration Date and Location: Older vehicles and those registered in metro cities may have different premiums.
Add-Ons: Optional add-ons like zero depreciation cover or engine protection increase the premium.
Insured Declared Value (IDV): A higher IDV leads to a higher premium but provides better coverage in case of total loss.
Purchasing scooter insurance online is simple and convenient:
Visit an Insurance Platform: Platforms like InsureMile offer an easy way to compare and purchase scooter insurance.
Enter Vehicle Details: Provide details such as the registration number, make and model, and registration date.
Get Quotes: Receive quotes based on your scooter’s details.
Select a Plan: Choose the policy that best fits your needs.
Make the Payment: Complete the payment process through secure online methods.
Receive Confirmation: Get instant confirmation of your insurance policy via email or SMS.
As per the latest review, third-party insurance premiums are:
Up to 75 cc: ₹538 (1-year), ₹2901 (5-year)
76 cc to 150 cc: ₹714 (1-year), ₹3851 (5-year)
151 cc to 350 cc: ₹1366 (1-year), ₹7365 (5-year)
More than 350 cc: ₹2804 (1-year), ₹15,117 (5-year)
Note: These premiums do not include GST, which is an additional 18% charge.
Enhance your scooter insurance with these add-ons:
Zero Depreciation Cover: Provides full reimbursement for repairs without factoring in depreciation.
Return to Invoice: Covers the difference between the invoice value and the IDV in case of total loss or theft.
Consumables Cover: Includes costs for consumables like bolts and lubricants needed for repairs.
Engine Protection: Covers engine damage due to water logging or spillage, and pays for repair or replacement.
We are your steadfast partner in the domain of scooter insurance, dedicated to safeguarding and protecting your ride with proper safety. Yet, with the thrill of great rides comes the responsibility, and that’s precisely where our comprehensive scooter insurance plans come into play—ensuring that each journey is worry-free.
From accidents to stealing, our plans have you covered, ensuring both you and your scooter are protected against various threats.
Our third-party scooter insurance will safeguard you financially in the event of a third-party penalty while also ensuring that you comply with all applicable legal requirements.
Renewing your car insurance has never been this simple. With our car insurance renewal online service, you can extend your coverage effortlessly. We understand that your time is valuable, so we’ve streamlined the renewal process to save you time and provide you with uninterrupted protection for your vehicle..
To accommodate a wide variety of scooter riders, Insuremile offers a wide variety of insurance policies. Our variety of plans guarantees that everyone can find something that suits their needs, whether they are regular riders or just occasionally hit the road. Read up on our policies to find the ones that work best with your scooter and way of life.
The amount that your scooter insurance costs is what you would like to know. With the information it offers, our calculator can assist you in making informed decisions regarding your insurance coverage. Our goal in everything we do is to be honest.
When you think about insurance compensations, do you ever wonder what goes into them? Here at Insuremile, we believe in being honest and providing personalized pricing. Your premium is based on a number of things, including your riding record, the range you select, and the type and ideal scooter you possess.
Secure yourself with a full-proof insurance against expensive damages and third party obligations.
Is your bike braced with an insurance? Don't forget, the Motor Vehicles Act, 1988, makes two-wheeler insurance mandatory.
Meet all your costly medical requirements without worry or second thought. Just be insured with us.
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Many people derive the maximum value from owning a scooter. They get to comfortably ride to their workplace. In case they need to visit a party or get together, they take their scooter there. The need to wait for public transport at a bus or a metro stand is done away with.Similarly, on a weekend, if they have the drive to visit a nearby picnic spot, up to 40 km away, they ride
with two pillion riders, one adult and one child.It is easy to see that there is no end to the degree of convenience that a scooter brings to a user’s life.
This is irrespective of whether one prefers to ride alone or with a pillion or two.Now, the way to make sure that your scooter delivers a top performance is to make sure that it keeps serviced at all times. But, keeping your scooter insured is equally important.
If in unforeseen circumstances, you meet with an accident, four expenses will form your core focus areas.
1. Getting your scooter repaired could be a pain. Basic expenses involved, you should be able to comfortably bear. However, if your scooter’s body or engine gets damaged, you will want to have insurance in place that bears the related expenses.
2. The second expense is a lot more important than the first category mentioned. Many people in the world are well equipped, financially to bear the loss of a scooter. They are in a position to easily bear the associated expenses if their scooter gets damaged. This category involves repair
expenses associated with the scooter, or replacing the scooter altogether.
However, the loss of health associated with the scooter bothers. The key reason for the same is that you want to be healthy for every moment of your life. This is not just when you drive the scooter.At times, one needs to bear elaborate health expenses after having a scooter accident. This may involve one’s arms, legs, back, or even one’s neck, in some rare cases. Even speculating about the nature of injuries that could be involved would be incorrect. But, being insured is going to keep one covered on all fronts.
3. In the rare case when one’s scooter gets stolen from the parking location at one’s home or any alternate location, one will want one’s insurance agency to pay the expenses associated with one’s scooter.
4. If a rider happens to hit a pedestrian in error when riding a scooter, your insurance agency can pay for the victim’s health expenses.
These are just a few types of scooter insurances that are available at your disposal.
Visit INSUREMILE today to buy all types of scooter insurance that you deem appropriate and make life convenient at many levels.
Third Party Liability insurance is mandatory for all vehicles plying on public
roads in India. This covers Liability for injuries and damages to others that you are responsible for. In addition, it is prudent to cover loss or damages to the vehicle itself by way of a Comprehensive/Package policy or a Bundled Policy or a Standalone Own Damage Policy in addition to your Liability Only Policy, which covers both “Liability” as well as “Own damage” to Insured vehicle
Yes, it is mandatory to have a valid PUC Certificate on the date of renewal of the insurance policy.
Own-Damage (OD) cover under Bundled Policy is valid for period of one year and hence, OD section should be renewed on expiry of one-year period. However, Third Party cover under the Bundled Policy is valid for three years (for new Private Cars) or five years (for new Two-wheelers) and hence, it should be renewed on expiry of 3 or 5 year period as the case may be.
Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller informs in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. There is a nominal fee charged for the transfer of insurance along with pro-rata recovery of NCB from the date of transfer till policy expiry. It may be noted that transfer of ownership in comprehensive/package policies has to be recorded within 14 days from the date of transfer failing which no claim will be payable for own damages to the vehicle.
The premium for scooter insurance is calculated based on factors such as the scooter’s make and model, age, engine capacity, location, usage (personal or commercial), previous claims history, and optional add-ons.
Yes, you can renew your scooter insurance policy even after it expires. However, it’s advisable to renew it before the expiry date to avoid a lapse in coverage and potential penalties.
Yes, you have the right to change your scooter insurance company every year if you find a provider that better suits your needs or offers more competitive rates. You can switch insurers during policy renewal.
Yes, you can cancel your Scooter insurance policy at any time. You do not have to wait until the end of the policy period to cancel it.
Yes, under Section 80EEB of the Income Tax Act, electric vehicle owners can avail themselves of a tax exemption.
To claim the tax exemption, you will need:
No, the tax exemption under Section 80EEB is specifically for the interest paid on loans taken for the purchase of electric vehicles. If you buy an electric scooter without a loan, you cannot claim this exemption.
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